The authority, as part of the application for a construction and operating license, shall demonstrate financial responsibility through the establishment of a fully funded trust fund or a liability bond, or both, providing for bodily injury and property damage to third parties caused by sudden and accidental releases arising from operations of the disposal site. The authority shall obtain and maintain liability coverage for sudden and accidental releases in an amount of not less than $3,000,000.00 per occurrence with an annual aggregate of not less than $6,000,000.00, and additional coverage sufficient to meet anticipated legal defense costs.